Telxon Corp history

Unable to pay $500,000 in commissions owed to an independent sales company, Telxon was taken over by the creditor in 1978.

With the help of President Raymond Meyo, Meyerson helped Telxon recover from the brink of bankruptcy, and took the company public in 1983.

Meyerson was succeeded as president and chief executive officer in 1985 by the 41-year-old Meyo.

A career salesman, Meyo sensed growing competition in the retail sector--Telxon's biggest market--in 1987, and set out to diversify the company into new markets.

Acknowledging that his expansion scheme wasn't working, Meyo initiated a reorganization in June 1989.

Still, Telxon ended fiscal year 1990 with a loss of $14.44 million and no order backlog.

In 1992, Telxon paid $10 million in cash and stock to acquire 95 percent of Telesystems SLW Inc., of which the company already owned the remaining five percent.

The Retail Technology Group, Inc., Telxon's first SBG, was organized as a wholly owned subsidiary in January 1993 to focus on Telxon's primary market segment.

Shipments of the PTC-1100 series were expected to begin in early 1994.

Meyo said Telxon sales should hit $1 billion by 1998, the stock price plunged over poor earnings.

Telxon moved from Fairlawn to Cincinnati in 1999.

Meyo and his wife owned one of the most valuable homes in Summit County, a 14,000-square-foot, 26-room English country ?manor-style mansion on 2.8 acres in Bath appraised at $3.5 million in 2003.